United Development Funding IV fka UDFI

[Jh5142]

If loans are secured only by the land then the collateral value at the time of the filing does impact past financial statements. I'm not sure why you think otherwise. The Buffington loans in UDF III took such big losses because there wasn't collateral value to support where UDF III was carrying the loans on the books.

The only financial statement that matters is the one from the year end 2018, and then Q1 2019.

UDF is proposing to file audited year end 2018. And then audited quarterly for 2019 as the year progresses.

The year end 2018 is proposed to be an Omnibus filing which will provide unaudited info for prior quarters.

As an investor, that's exactly what I'm interested in seeing. For some reason, the SEC is saying that they don't support this approach. Rather, they want UDF make each quarterly filing for the past 3 years.

UDF's approach seems reasonable to me and I'd like to see the SEC approve the Omnibus filing approach.

All that matters is the most recent financials.